Dealing with financial affairs after someone passes away

After someone passes away, their executor or administrator will be responsible for finalising their financial affairs

This involves identifying, securing & collecting in all of their assets, ensuring all debts and taxes are paid and then distributing the estate in accordance with their Will or, if they have not left a Will, by following the Rules of Intestacy.

Identifying assets and liabilities

Making a full list of the deceased’s assets and liabilities to help you value the estate and manage the winding-up process. You will need to do some detective work to try and find all of the bank accounts, life insurance policies, shares, property and valuable items such as cars, art or jewellery.

Calculate and pay Inheritance Tax

Once you know what assets the deceased owned, you should value them. This may involve writing to insurance companies to ask the value of policies and valuing shares and expensive possessions.

You will also need to find out how much the deceased owed, for example in respect of loans & mortgages, credit cards, utility bills and other debts.

Finally, you need to ascertain how much the deceased gave away in gifts over the last seven years of their life, as once this amount goes over a certain level, Inheritance Tax may be payable on the gifts.

Once you have these figures, you can work out the approximate amount of the net estate and use this to calculate the amount of Inheritance Tax, if any, that will be payable. Calculating Inheritance Tax is not always straightforward, and you may need to seek professional help in establishing exactly how much is owed.

Apply for a Grant of Probate or Letters of Administration

Once you have paid any Inheritance Tax that is due, you can apply for the Grant of Probate or, if the deceased did not leave a Will, the Grant of Letters of Administration. This will give you the legal authority to deal with financial institutions and to complete the estate administration.

Collecting assets

Once you have the Grant, you can send it to the various asset holders such as banks and building societies and ask them to close accounts and transfer monies held to the estate. If the deceased owned a property, this can be cleared and sold or kept secure if to be transferred under the terms of the Will.

Pay debts, expenses and other liabilities

At the same time, all of the deceased’s debts should be paid and receipts obtained confirming full settlement.

Prepare estate accounts

The executor or administrator is also required to produce detailed estate accounts setting out all of the assets and liabilities and the transactions that have taken place.

Distribute the estate

During the course of the administration, it will be necessary to identify and locate all of the beneficiaries. Once this has been done and the administration completed, the estate can be distributed to the beneficiaries named in the Will or to those who are entitled to inherit under the Rules of Intestacy if there isn’t a Will.

For expert advice and assistance please email us at to arrange a meeting or a call-back.

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